The owner of the two-story commercial office building and parking garage on 40 Warren St. is petitioning the Boston Planning and Development Agency (BPDA) to allow him to sell the property to a New York firm currently building up its Boston portfolio.
The owner of 40 Warren St., Nova Partners, LLC, is requesting the BPDA to allow him to sell the building to DLJ Real Estate Capital Partners of New York City. The New York company recently set up a Boston office, headed by Tony Banta, to expand its holdings in the Hub. The company has been buying properties in the Downtown Crossing area, and now seems to be expanding its reach to Charlestown.
DLJ did not return a request for comment from the Patriot Bridge.
Nova has held the property since 2004, and the garage/office building has a long history within the urban renewal process in Charlestown. It is a property subject to a Land Disposition Agreement (LDA) that goes back to 1985 when the former Boston Redevelopment Authority deeded the parcel to the first owner, Tontine Crescent Associates.
Just last year, in March 2017, several long-standing disagreements were ironed out to allow Nova to move forward on a project calling to build a third floor on the two-story building for more office space. The parking garage would remain, but retail space would be added on the first floor.
That was approved by the BPDA last year as well.
However, the project did not move forward.
In addition to the sale, Nova is also looking to extend the start of construction to Jan. 31, 2019. Under the BPDA approval from last year, construction was to begin no later than July 27, 2018.
The BPDA is recommending to its Board that it approve the sale and allow the extension for construction. The matter could be completed as early as today, March 15, when the BPDA Board meets.